AML Compliance

GENIUS Act Requirements for FDIC-Supervised Permitted Payment Stablecoin Issuers

The FDIC has published a proposed rule implementing the GENIUS Act requirements and standards for permitted payment stablecoin issuers and FDIC-supervised insured depository institutions. The proposal establishes regulatory requirements for entities issuing payment stablecoins under FDIC supervision. The public comment period closes on June 9, 2026.

Draft Revisions to Japan's Corporate Governance Code for Public Consultation

The Financial Services Agency of Japan and Tokyo Stock Exchange have launched a public consultation on proposed draft revisions to Japan's Corporate Governance Code. The consultation seeks feedback on amendments affecting listed companies and institutional investors, with comments due by Friday, 15 May 2026. The revisions build upon prior versions applicable from 1 June 2015, revised on 1 June 2018 and 11 June 2021.

Reg J Amendment for FedNow and Fedwire Funds Transfers

The Federal Reserve proposes amendments to Regulation J governing the collection of checks and other items by Federal Reserve Banks, and clarifies rules for funds transfers through Fedwire Funds Service and the FedNow Service. The proposal seeks to modernize payment system regulations as FedNow adoption grows.

Guidelines to Facilitate Faster Cross-Border Inward Payments

The Reserve Bank of India issued circular RBI/2026-27/08 requiring all scheduled commercial banks to expedite cross-border inward payment processing. Banks must notify customers of incoming cross-border transactions immediately upon receipt and reconcile nostro accounts at intervals not exceeding one hour. Same-day crediting to beneficiary accounts is mandated for payments received during forex market hours, with next-business-day crediting for off-hours receipts.

CFTC Seeks Injunction Against Arizona Prediction Markets

The CFTC filed a motion for preliminary injunction and temporary restraining order in the U.S. District Court for the District of Arizona to halt Arizona's enforcement of state criminal and gambling laws against CFTC-regulated prediction markets. The CFTC argues that its authority over event contracts under the Commodity Exchange Act preempts state regulation. The agency has also filed complaints against Connecticut and Illinois for similar state actions.

AI-Based Small Business Credit Rating Framework Launches H2 2026

The Financial Services Commission of Korea announced plans to introduce the Small Business & Self-Ownership Credit Bureau (SCB), an AI-driven credit rating framework for small businesses and self-employed owners. The SCB will combine current credit bureau ratings with AI-generated future scale-up ratings using nonfinancial data such as sales performance, business category, and location. Financial companies will be required to adopt the new rating system, with pilot operations beginning August 2026.

HK Reserves US$430.8B, End March 2026

The Hong Kong Monetary Authority (HKMA) announced that Hong Kong's official foreign currency reserve assets stood at US$430.8 billion as at end-March 2026, a decrease from US$439.3 billion at end-February 2026. Including unsettled foreign exchange contracts, reserves amounted to US$430.5 billion. The reserves represent over five times the currency in circulation or about 38% of Hong Kong dollar M3.

Scam Alert Related to Banks - Fraudulent Websites and Phishing Emails

The HKMA issued a scam alert warning the public about fraudulent websites, internet banking login screens, and phishing emails impersonating five Hong Kong banks (Bank of East Asia, Shanghai Commercial Bank, Chong Hing Bank, OCBC Bank Hong Kong, and HSBC Hong Kong). The alert reminds the public that banks will not send SMS or emails with embedded hyperlinks to conduct transactions, nor will they ask for sensitive information like passwords or One-Time Passwords through these channels. Anyone who may have provided personal information should contact their bank and report to the Hong Kong Police Force Crime Wing Information Centre at 2860 5012.

Silver Bond 2027 Third Interest Payment Rate Set at 4.00% Per Annum

The Hong Kong Monetary Authority announced the third interest payment rate for Silver Bond Series due 2027 (Issue Number: 03GB2710R) under the Infrastructure Bond Programme. The Floating Rate of +1.28% (based on Composite Consumer Price Index year-on-year change) was compared against the Fixed Rate of +4.00%, with the higher rate of 4.00% per annum applied. The third interest payment is scheduled for 23 April 2026.

Court of Appeal Upholds 36-Year Sentence for Soh, 20-Year for Quah in Singapore's Largest Stock Market Manipulation Case

Singapore's Court of Appeal upheld the convictions and sentences of Mr Soh Chee Wen (36 years) and Ms Quah Su-Ling (20 years) for orchestrating the largest stock market manipulation case in Singapore's history. The duo manipulated shares of Blumont Group Ltd, Asiasons Capital Ltd, and LionGold Corp Ltd using 187 trading accounts to artificially inflate prices, and deceived Goldman Sachs International and Interactive Brokers LLC regarding collateral legitimacy.